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25 Orinda Way. Image courtesy of JLL Capital Markets
Volwood Management has purchased 25 Orinda Way, a Class A office building in Orinda, Calif, a San Francisco suburb. Long Market Property Partners sold the asset for $12.8 million, with the assistance of JLL.
Completed in 1974, the three-story, 28,931-square-foot boutique office property was renovated in 2018, now featuring an upgraded HVAC system and lighting. 25 Orinda Way was 91 percent leased at the time of sale.
The asset is in the Layafette Orinda submarket, 9 miles outside Oakland and approximately 17 miles from downtown San Francisco. The property is close to Route 24 and Orinda Metro Station, which provide easy access across the Bay Area.
Senior Director Erik Hanson, Senior Managing Director Rob Hielscher, Senior Director David Dokko, Managing Director Adam Lasoff, Associate Mike Matera and Analyst Caroline Reynolds led the JLL Capital Markets team working on behalf of the seller. Knute Bucklew, head of agency leasing at JLL, provided leasing advisory services.
According to a recent CommercialEdge report, San Francisco’s office sales amounted to $308 million in the first two months of 2023. The metro continued to struggle in terms of leasing activity; the vacancy rate was at 19.2 percent as of February, up 230 basis points over the year.
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